In a recent development that has shaken the rankings on the Nigerian Exchange, Abdul Samad Rabiu, the prominent billionaire businessman and industrialist, has surpassed Aliko Dangote to become the richest investor in the country, according to a list compiled by Billionaires.Africa.
Billionaires.Africa’s data tracking reveals that Rabiu’s holdings in his publicly listed businesses on the local bourse are valued at an impressive $6.01 billion, making him the sole investor with an investment portfolio exceeding $6 billion at the present time.
Dangote, who recently lost his long-held title as Africa’s richest man to South African billionaire Johann Rupert, now finds himself in the second position on the Nigerian Exchange.
His investment portfolio, which includes an 86.81-percent stake in Dangote Cement, Africa’s largest cement company and the second-largest company on the Nigerian Stock Exchange, is presently valued at $5.8 billion.
Rabiu’s ascent in wealth can be attributed to the remarkable growth in the market value of his stake in his unified food business, BUA Foods.
BUA Foods currently ranks as the fifth most valuable company on the Nigerian Exchange.
Since the beginning of the year, Rabiu’s stake in BUA Foods has experienced a staggering 109-percent increase, driven by strong investor interest in the leading food conglomerate.
Rabiu, who established BUA Group in 1988, holds a 96.29-percent stake in his flagship company, BUA Cement, both in his name and through his wholly-owned entity, BUA International.
The value of his stake in the company has now reached $3.008 billion. Additionally, Rabiu owns a 92.6-percent stake in BUA Foods, which is currently valued at $3 billion, bringing the total value of his holdings to $6.01 billion.
Despite facing political and economic challenges earlier this year, BUA Foods managed to maintain its leadership position in the Nigerian economy.
Also Read: Dangote Remains Africa’s Richest Man as Bloomberg Releases Billionaires’ List
The company reported impressive profit growth of 77.1 percent in the first quarter of 2023, with profits surging from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million).
This outstanding financial performance has bolstered investor confidence and led to a triple-digit surge in BUA Foods’ share price since the beginning of the year.
As a result, Rabiu has emerged as the new titan of the Nigerian Exchange, overshadowing the legendary Dangote in the pursuit of wealth supremacy.
